CITIC Securities: Overall cautious optimism in February, focus on sector rotation and structural differentiation.

China-Thailand Securities Research Report stated that there were fewer trading days in February, overall being cautious and optimistic, focusing on sector rotation and structural differentiation. The main investment strategies are as follows: First, with increased policies, the peak season catalyst, and the fully adjusted consumer sector, there is potential for a phased valuation recovery, focusing on offline consumption such as wine tourism, duty-free shopping, light industry with export logic, textiles and clothing, as well as agriculture which is a key factor in driving CPI. Second, the theme of "anti-hyper-competition" advocated by policies has gradually entered the stage of supply-demand improvement and price verification, with the optimization of industries such as chemicals and machinery worth paying attention to. Third, the technology track is the core of the new productive forces of the "14th Five-Year Plan", with intensive industrial catalysts in the application of artificial intelligence, robotics, semiconductors, etc., focusing on high-quality targets with strong industrial trends and substantial performance support amidst market fluctuations.